The Federal Government has increased its allocation to the Superannuation Complaints Tribunal. The $700,000 boost to the Tribunal’s budget is designed to “restore its determinative role in resolving disputes”, according to Financial Services and Regulation Minister Joe Hockey.

Funding to the tribunal was reduced two years ago following Federal Court judgments that curtailed the tribunal’s functions. But its full powers were restored by the High Court.

Mr Hockey said in a statement that during the interim period where funds were reduced, a large backlog of cases arose. The additional funding will allow the tribunal to appoint additional members and get rid of the backlog by early next year.

The tribunal is an independent Commonwealth body established to resolve disputes in the superannuation industry. Its budget is recovered from the superannuation industry through the Financial Sector Levy, which is administered by APRA.